Author: Editorial Desk

The United States articulated a steadfast position on Thursday, labeling the prospect of unrestricted Russian oil commerce as categorically unacceptable, underscoring the essential nature of maintaining the Western-imposed price ceiling on Moscow’s petroleum exports. This tactic, officials elucidate, is precisely engineered to compel Russia into trading its oil at substantially reduced prices, diverging from potential market rates, without soliciting India to diminish its Russian oil procurements. During a session hosted by the Ananta Centre, US Assistant Secretary for Economic Policy, Eric Van Nostrand, shed light on the nuanced advantages of the G7 price ceiling mechanism. Conceived as a strategic countermeasure…

The United Kingdom’s government directive to levy post-Brexit import tariffs on European Union-derived foodstuffs and botanical products heralds a potential escalation of consumer prices. Detailed by the Department for Environment, Food and Rural Affairs, these tariffs, termed the common user charge, will affect diminutive consignments of animal and plant commodities traversing through pivotal entry junctures such as Dover’s port and the Eurotunnel at Folkestone, commencing 30 April. These newly instituted fees, potentially escalating to £145, aim to defray the expenditures associated with border inspections, thereby enhancing biosecurity measures to forestall the ingress of plant and animal pathogens into the United…

Pakistan has embarked on a transformative journey, solidifying its position as a crucial conduit for Central Asian commerce through the successful dispatch of its initial consignment of domestically harvested potato shipment to Tajikistan. Orchestrated by the nation’s premier logistics entity, the National Logistics Cell (NLC), this venture marks a pivotal moment in enhancing economic ties with the Central Asian republics. State-owned media outlets spotlighted this advancement on Wednesday, heralding a new chapter of export avenues for Pakistan within this strategically significant region. Leveraging its geographical advantage, Pakistan aims to fortify its role as a vital gateway for Central Asia’s access…

US Treasury Secretary Janet Yellen embarks on a consequential journey to China, her second within a year, signaling a high-stakes effort to address what the US views as ‘unfair trade practices.’ Yellen’s itinerary spans Guangzhou and Beijing, where she’s slated to engage with influential figures from American corporations and the Chinese government. These dialogues are poised to dissect pivotal areas such as economic policy, industrial overcapacity, and the reverberations across global trade. The backdrop to Yellen’s visit is characterized by persistent US apprehensions over China’s purportedly unjust trade strategies, particularly in sectors such as electric vehicles, lithium-ion batteries, and solar…

Tanzania faces a substantial rise in its fertilizer import bill as global prices for these agricultural essentials hit record highs. Bank of Tanzania data reveals a staggering 155% surge in fertilizer import values from $237 million in the 2020/21 fiscal year to $605.4 million in 2022/23. Concurrently, fertilizer imports dropped by 40%, from 662,868 metric tonnes in 2020 to 395,033 metric tonnes in 2021, according to statistics from the Food and Agriculture Organization. These figures, sourced from official trade data via Tanzania Revenue Authority and Tanzania Fertilizer Regulatory Authority, highlight a significant shift in the country’s fertilizer dynamics. A primary…

Thirteen years post-signature, the Iran-Syria Free Trade Agreement (FTA) languishes, yet to be operational. Urgency characterizes calls from Mahdi Zeyghami, Iran’s deputy industry minister, for expedited activation. This agreement promises to rejuvenate bilateral trade dynamics, leveraging robust political affiliations between the nations. Currently, Iran commands a notable 10 percent stake in the Syrian market, with aspirations to escalate exports to an ambitious $500 million within the current Iranian calendar year. This ambition reflects Iran’s strategic pivot towards Syria as a primary export destination, amid endeavors to diversify economic alliances. Abdolamir Rabihavi, leading the West Asia Office at Iran’s Trade Promotion…

2023 witnessed a paradigm shift for Morocco, a stalwart in the global fresh fruit arena, as fruit import volumes surged to an unparalleled 123,000 tons. This development, prompted by adverse climatic conditions, reflects Morocco’s endeavor to satiate rising domestic demand. EastFruit’s data unveils a significant upturn in fruit imports into Morocco, with bananas leading the pack at 28,000 tons, underscoring the nation’s pivot towards compensating domestic consumption through imports. This reliance extends to sourcing from South America and the Atlantic islands of Spain and Portugal, which now furnish up to half of Morocco’s banana needs. Remarkably, this import reliance emerges…

Indonesia has secured its status as Egypt’s second preeminent soap exporter, boasting an impressive export value of $4.48 million throughout 2023, thereby clinching 16.45 percent of Egypt’s soap import market. This revelation came from Luthfi Rauf, the Indonesian Ambassador to Egypt, during a discourse on March 28, 2024, with stakeholders including importers of Indonesian soap products, corporate executives, and representatives from the Industrial Development Authority located in Sadat City, Egypt. Rauf accentuated the exponential surge in Indonesian soap exports, noting a monumental 1,660 percent elevation from December 2022’s export figures of merely $255,000, signaling burgeoning prospects for Indonesia within the…

Egypt embarks on an ambitious endeavor targeting the procurement of 3.5 million tonnes of domestically produced wheat for the 2024 season, disclosed by Ali Al Moselhy, Minister for Supply and Internal Trade. This plan forms part of a broader strategic framework aimed at elevating domestic wheat production to 53%, a significant leap from 45% in 2021, with corn production anticipated to reach 56% by the 2025/2026 cycle, as cited by Egypt Today in discussions with Hala Al-Saeed, Minister of Planning. This governmental directive emerges as a critical move with Egypt seeking to diminish its reliance on international wheat supplies amidst…

New Delhi: India must move from a reactive to a proactive trade policy to achieve its goal of becoming a developed nation by 2047, according to trade experts. A recent roundtable discussion in New Delhi, organized by CUTS International, highlighted the need for India to adapt its trade strategy to the evolving global landscape. The roundtable, chaired by Montek Singh Ahluwalia, the former Deputy Chairman of the Planning Commission of India, and moderated by Pradeep S Mehta, the Secretary General of CUTS International, was a think tank’s effort to redirect India’s trade policy towards more dynamic and future-oriented pathways. Experts…